Financial Performance - First BanCorp reported a net income of $77.1 million, or $0.47 per diluted share, for Q1 2025, an increase from $75.7 million, or $0.46 per diluted share, in Q4 2024[2]. - Net income for the first quarter of 2025 was reported at $77,059,000, an increase from $75,701,000 in the fourth quarter of 2024 and $73,458,000 in the first quarter of 2024[68]. - Adjusted net income attributable to common stockholders for the first quarter of 2025 was also $77,059,000, compared to $75,701,000 in the previous quarter and $74,050,000 in the same quarter last year[68]. - Earnings per diluted share for the first quarter of 2025 was $0.47, consistent with the previous quarter and an increase from $0.44 in the first quarter of 2024[68]. - Income before income taxes for the first quarter of 2025 was $100,299,000, up from $96,029,000 in the fourth quarter of 2024, representing a 7.0% increase[69]. - Adjusted pre-tax, pre-provision income for the first quarter of 2025 was $125,109,000, an increase of $8,176,000 or 7.0% from the previous quarter[69]. Income and Expenses - Pre-tax pre-provision income grew by 7% to $125 million, reflecting strong operational performance[3]. - Non-interest income rose to $35.7 million, driven by $3.3 million in seasonal contingent insurance commissions[8]. - Total non-interest expenses decreased by $1.5 million to $123.0 million in Q1 2025, reflecting variances in employee compensation and benefits[14]. - The Corporation recorded an income tax expense of $23.2 million for Q1 2025, up from $20.3 million in Q4 2024[16]. - The estimated annual effective tax rate for Q1 2025 was 23.7%, compared to 23.0% for Q4 2024[17]. Loans and Credit Quality - Total loans decreased by $71.7 million to $12.7 billion, primarily due to the payoff of a $73.8 million commercial mortgage loan[8]. - The allowance for credit losses (ACL) for loans and finance leases was $247.3 million as of March 31, 2025, an increase of $3.4 million from the previous quarter, driven by higher qualitative adjustments due to economic uncertainty[26]. - The provision for credit losses on loans and finance leases was $24.8 million for Q1 2025, compared to $21.5 million in Q4 2024, with significant expenses in commercial and construction loan portfolios[27]. - Total non-performing assets rose by $11.1 million to $129.4 million as of March 31, 2025, with total nonaccrual loans held for investment at $98.4 million[21]. - The ratio of ACL for loans and finance leases to total loans held for investment was 1.95% as of March 31, 2025, up from 1.91% as of December 31, 2024[29]. Deposits and Liquidity - Core customer deposits increased by $29 million during the quarter, including a $70 million rise in non-interest-bearing deposits[4]. - Total deposits decreased by $48.8 million to $16.3 billion as of March 31, 2025, with a notable $82.1 million decrease in government deposits[46]. - Cash and cash equivalents rose by $168.9 million to $1.3 billion, contributing to total core liquidity of $2.7 billion, or 14.25% of total assets[48]. - The Corporation had $6.2 billion available to meet liquidity needs, representing 133% of estimated uninsured deposits as of March 31, 2025[49]. - The estimated amount of uninsured deposits was $4.6 billion, representing 28.44% of total deposits as of March 31, 2025, down from 29.36% at the end of 2024[50]. Capital and Ratios - Capital ratios exceeded required regulatory levels, with total capital at 17.96% and common equity tier 1 capital at 16.62% as of March 31, 2025[8]. - CET1 capital ratio improved to 16.62% as of March 31, 2025, compared to 16.32% as of December 31, 2024, indicating stronger capital position under Basel III rules[44]. - Tangible common equity ratio increased to 9.10% as of March 31, 2025, up from 8.44% as of December 31, 2024, reflecting improved earnings and asset valuations[51]. Market and Stock Performance - The common stock price at the end of the period rose to $19.17 as of March 31, 2025, compared to $18.59 at the end of the previous quarter, an increase of 3.11%[78]. - Cash dividends declared increased to $0.18 per share for the quarter ended March 31, 2025, up from $0.16 in the previous quarter, reflecting a 12.50% increase[78]. Miscellaneous - The corporation cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed[71]. - The corporation's shares trade on the New York Stock Exchange under the symbol FBP, with operations in Puerto Rico, the U.S., and the British Virgin Islands[72].
First Ban(FBP) - 2025 Q1 - Quarterly Results